5% Savings Loophole

masonic

Ditto, I've had over 20 searches on file on occasion and it hasn't affected me in the slightest. Maybe there is something else that's the real source of the problem.

mozzy10

@ eco miser Thanks for the advice. I opened a second account with no problems. It appears on my account list when I log in to my original account which is a great releif as I was thinking it would be totally seperate with a new login etc.

@rleish If you already have the TSB Classic Plus then just go through the process online to open an account. It seems to just automatically link up with your original account once opened. You can stick another £2000 in that for 5%.

rleish

Ok thanks for the responses. Experian gives me a credit score of 999 so I unless it is the fact that I am a student, I don't understand what else it could be. I'm slightly hesitant to try opening another account in case it shows up as a red flag again even if it is with TSB.

weesandy

Hi all and thanks to all your posts I've now got sorted out with the "money loophole" ideas...and they're working ....really chuffed....however I've read somewhere that Santander are only allowing £450 interest per year... surely this cant be right??!!
I've got TSB with 2k and Santander 123 with 10k in it which would mean there's really no point...just when I'm beginning to get the hang of it all.... cant even find the bit I was looking at now. Any help to clear this up would be really appreciated thanks

YorkshireBoy

weesandy wrote: »

Hi all and thanks to all your posts I've now got sorted out with the "money loophole" ideas...and they're working ....really chuffed....however I've read somewhere that Santander are only allowing £450 interest per year... surely this cant be right??!!
I've got TSB with 2k and Santander 123 with 10k in it which would mean there's really no point...just when I'm beginning to get the hang of it all.... cant even find the bit I was looking at now. Any help to clear this up would be really appreciated thanks

Max interest earning balance is £20K.
2.96% of £20K is £592
After BR tax deducted, £592 x 0.8 = £473.60
Deduct 12 x £2 fees = £449.60

weesandy

Thanks for the break down Yorkshireboy
Now elevenses finished . . .Im about to try and sort out another couple of accounts. . .this is really enlightening/empowering . . . a revelation in fact. . . Good to finally start making money work for a change:T

ViktorOnopko

I have a 123 account but I'd like to open a current account elsewhere for general spend without messing about with standing orders, any recommendations?

YorkshireBoy

ViktorOnopko wrote: »

I have a 123 account but I'd like to open a current account elsewhere for general spend without messing about with standing orders, any recommendations?

Reply based on what you said in another post...

I'm having a hard time working out what to do for a second current account. I want to move my savings to my 123 Current Account and have a new account for just debit payments/spare cash. Santander won't let me have a second 123 account unless it's a joint account so I'm a bit clueless now. I want an account in which I can transfer £200 a time to cover basic spend and not commit to an amount to pay in each month.

Why not get a Santander Everyday current account to run alongside your 1-2-3 account?

Eco_Miser

TSB Classic Plus - 5%AER on £1 - £2000 provided you pay in at least £500 pm (and go paperless). No standing orders or direct debits required. If you're spending less than £500 pm, you can move the excess back - or let it build to £2k.

This is actually using the account as it is intended to be used.

ViktorOnopko

YorkshireBoy wrote: »

Reply based on what you said in another post...Why not get a Santander Everyday current account to run alongside your 1-2-3 account?

Applied last night and it was approved by 7am this morning, thanks for the reminder :beer: